NMIMS Solution June 2022 | Business Economics

Rs. 250

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Nmims solved June 2022 Assignment
Contact: +919741410271
Email: - [email protected]


Business Economics

1. Assume that a consumer consumes two commodities X and Y and makes five combinations
for the two commodities:
TABLE BELOW
Combination Units of X Units of Y
A 25 3
B 20 5
C 16 10
D 13 18
E 11 28

Calculate Marginal rate of Substitution and explain the answer.
2. Elaborate the term Total Revenue and Marginal revenue also calculate TR and MR in the given table
Price Output (In Units) Total Revenue Marginal Revenue
20 1
18 2
16 3
14 4
12 5

3.a. From the given Demand Schedule for air tickets, calculate elasticity of demand.
Price of Air Ticket (Per Ticket) Quantity Demanded (Tickets per month)
1,00,000 5,000
1,20,000 3,500

3.b. Elaborate the term Elasticity of Supply and explain any three factors that determines elasticity of supply.

Nmims solved June 2022 Assignment
Contact: +919741410271
Email: - [email protected]

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